NiCAN Intersects New Mineralized Zone at Wine Nickel Property, Manitoba, Canada
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Intersects New Mineralized Zone at Wine Nickel Property, Manitoba, Canada
Toronto, Ontario – March 2 , 2023 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) has
intersected new mineralization approximately 850 metres to the northeast of the Wine Occurrence
(Figures 2 and 3) as part of its 2023 winter drilling program on the Wine Property located in the Snow Lake
area, Manitoba, Canada.
All targets drilled to date have intersected varying quantities of disseminated to massive sulphide
mineralization. Most not able has come from diamond drill hole Wine -23-08 where pyrrhotite and
chalcopyrite mineralization have been intersected in two relatively shallow zones.
DDH Wine-23-08 was designed to test a conductive geophysical (EM) anomaly located on the edge of a
larger discrete magnetic anomaly that is in a similar geological location to the previously announced high-
grade Wine Occurrence zone. NiCAN is currently following up with additional drilling on this new zone to
better understand its orientation and extent.
This new mineralization is scheduled for a follow up downhole geophysical survey and further drill testing.
Core from the initial holes have been split and sent for assay analysis at an accredited laboratory. Assays
are pending.
Figure 1: Examples of the New Mineralization at the Wine Gabbro Project – Chalcopyrite (cpy) noted
Brad Humphrey, President, and CEO of NiCAN, who has just returned from the project site, stated, “We
are very happy with the results of the drilling program to date and the intersection of a new mineralized
zone. I saw firsthand the mineralization encountered and look forward to further drill testing the
broader Wine Gabbro area. Importantly, this new zone of disseminated and massive sulphides within
the Wine Gabbro clearly demonstrates that the Wine Nickel -Copper Occurrence is not a one -off zone.
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NiCAN remains in a strong position with a solid balance sheet and highly prospective nickel sulfide
projects in established mining jurisdictions.”
Figure 2: Wine-23-08 Magnetic Anomaly
Wine 23-08
2023 drill hole
Wine 23-08
Enlargement of
Magnetic Anomaly
Wine Ni-Cu
Occurrence X
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Figure 3: VTEM Anomalies in Wine Gabbro Area
Wine Phase II Drilling Program
At the Wine Project, NiCAN is drilling a minimum of 2,000 meters to test multiple conductive targets
identified by the Versatile Time Domain Electromagnetic (“VTEM”) airborne geophysical survey
2023 drill hole
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completed in 2022 (see press release dated November 14, 2022). The VTEM survey was designed to define
the location and depth of conductive sources that have a similar signature to the nickel hosted
mineralization intersected at the “Wine Occurrence” which returned high grade nickel and copper results
in the initial phase of drilling completed in 2022. A significant number of the VTEM anomalies were defined
within the Wine Gabbro region and the Transition Zone located to the south. These have been
geophysically modelled and drill holes have been designed to effectively intersect the suspected sulphide
bodies defined by these models.
Beyond the immediate Wine Gabbro area, numerous VTEM conductors were defined in the southern
portion of the property, known as the Transition Zone, where past rock sampling has indicated anomalous
copper and PGM values. Six of these targets have been geophysically modell ed for subsequent drill
testing.
The Phase II Wine drilling program is following up on the significant results returned from the Phase I
drilling that took place in 2021. High-grade core from this program will be on display at the PDAC. Results
included:
• Diamond drill hole Wine-22-05 intersected 27.3 metres at 2.01% Ni, 1.81% Cu (NiEq of 2.61%),
0.09% Co, 0.20 g/t Au and 0.28 g/t Pd;
• Diamond drill hole Wine -22-06 intersecte d 9.8 metres at 1.23% Ni, 2.09% Cu (1.92% NiEq),
0.051% Co, 0.33 g/t Au, 0.016 g/t Pt and 0.12 g/t Pd;
• Diamond drill hole Wine-22-03 intersected 8.6 metres at an average grade of 1.89% Ni, 1.01%
Cu (2.22% NiEq), 0.10% Co, and 0.46g/t PGM.
Note: nickel equivalent grades include only nickel and copper mineralization.
Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the
nickel-copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0%
nickel and 0.5% copper was historically mined . The Farley Mine was made up of multiple le nses of
mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains numerous similarities
and has seen very little exploration for nickel-copper deposits.
QAQC
All core samples are sent to the Saskatchewan Research Council (“SRC”) in S askatoon (an accredited
laboratory) by secure transport for base and precious metal assay. Base metals were assayed by their ICP3
package, which includes a total of 35 analytes by ICP-OES (Inductively Coupled Plasma – Optical Emission
Spectroscopy). Partial digestions were performed on a 0.5 gram aliquot of sample pulp which was digested
in a mixture of HCl:HNO3, in a hot water bath and then diluted to 15 ml using deionized water. Over-limits
for copper, nickel and cobalt had an aliquot of 1.0 gram sample p ulp digested in a concentration of
HCl:HNO3. The digested volume was then made up with deionized water for analysis by ICP -OES. Fire
Assay Techniques involved a 30 gram aliquot of sample pulp which was mixed with a standard fire assay
flux in a clay crucible and a silver inquart added prior to fusion. After the mixture was fused, the melt was
poured into a form which was cooled. The lead bead wa s then recovered and cupelled until only the
precious metal bead remained. The bead was then parted in dilute HNO3. The precious metals were then
dissolved in aqua regia and then diluted for analysis by ICP-OES
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Laboratory Quality Control protocols were applied to the assay sample package by SRC. NiCAN submitted
a regular schedule of standards, blanks and duplica tes into the sample stream for Quality Control
measures. Drill core samples are split in half using a diamond saw with half saved for reference and the
other half shipped for assay. In the case of duplicate samples the half core is quarter split with the t wo
quarter splits sent for separate assay.
With respect to the Geotech 2022 Versatile time-domain airborne electromagnetic (“VTEM”) geophysical
data collected over the Wine project area in Manitoba, Canada, a total of 550 line-km of VTEM data was
collected on east-west lines with a line spacing of 100m. The VTEM data were quality controlled first by
Geotech before being sent to the Company’s geophysical consultant for further quality control purposes
and Maxwell modelling.
Qualified Person
Mr. Bill Nielsen, P.Geo, a consultant to NiCAN, who is a qualified person under National Instrument 43 -
101 – Standards of Disclosure of Mineral Projects (“NI 43-101”) has reviewed and approved the scientific
and technical information in this press release.
About NiCAN
NiCAN Limited is a mineral exploration company, trading under the symbol “NICN” on the TSX -V. The
Company is actively exploring two nickel projects, both located in well-established mining jurisdictions in
Manitoba, Canada.
Contact Information:
Brad Humphrey Sandy Noyes
President and CEO Investor Relations & Communications
416.565.4007 [email protected]
www.nicanltd.com
To receive news releases by e-mail, please register using the NiCAN website at www.nicanltd.com
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains certain “forward -looking information” under applicable
securities laws concerning the proposed financing, business, operation s and financial performance and
condition of NiCAN Limited. Forward -looking information includes, but is not limited to, the size and
timing of the drill program, results of the drill program, interpretations of the various surveys , NiCAN’s
ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of
the properties of the C ompany; future commodity prices (including in relation to NiEq calculations);
drilling and other exploration potential; costs; and perm itting. Forward -looking information may be
characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate”
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and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward -
looking information is based on the opinions and estimates of management at the date the statements
are made and are based on a number of assumptions and subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the
forward-looking information. Many of these assumptions are based on factors and events that are not
within the control of the C ompany and there is no assurance they will prove to be correct. Factors that
could cause actual results to vary materially from results anticipated by such forward-looking information
includes changes in market conditions, fluctuating metal prices and currency exchange rates, the
possibility of project cost overruns or unanticipate d costs and expenses and permitting disputes and/or
delays. Although the C ompany has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward-looking information, there
may be other factors that cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward -looking information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. The Co mpany
undertakes no obligation to update forward -looking information if circumstances or management’s
estimates or opinions should change except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking information.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX -V) accepts
responsibility for the adequacy or accuracy of this release.
Figure 4: Wine Project Location